Mortgage refinancing can be one of the best ways to save money by lowering your mortgage interest rate, which can accelerate the growth of your home's equity as well as lowering the cost of the mortgage over time. Refinancing has other benefits for borrowers as well, but it's important to think through your reasons to refinance your mortgage before seeking home loan refinancing.
You may, for example, be wanting to change to a loan with longer terms. Keep in mind, however—even with a new, lower interest rate, if you have just a few years left before the end of your current loan's term but refinance for a long period of time, you may pay more in interest over time.
Perhaps your goal is to consolidate consumer debt. Mortgage refinancing can be an excellent way to pay significantly less interest on debt, but this strategy is best for borrowers who have good financial habits and responsibly manage debt.